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Who said "politics is more difficult than physics"?
Fixed Costs
Business expenses that are not affected by changes in the level of production or sales, such as rent and salaries.
Total Variable Costs
The sum of expenses that change directly with the level of output or production volume.
Average Fixed Cost
The total fixed costs of production divided by the number of units produced, indicating cost per unit.
Average Total Costs (ATC)
The total cost of production (fixed plus variable costs) divided by the total quantity of output produced.
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